Question: The town of Madison has a population of $25{,}000$. The population is increasing by a factor of $1.12$ each year. Write a function that gives the population $P(t)$ in Madison $t$ years from now. Do not use commas in your answer. $P(t)=$
Each year, the population size is multiplied by $1.12$. If we start with the initial population size, $25{,}000$ people, and keep multiplying by $1.12$, this function gives us the population of Madison $t$ years from now: $P(t)=25000(1.12)^t$